The UK property industry has given a warm welcome to reports that the government is thinking of temporarily suspending stamp duty.
In a potential move designed to prop up the British economy and get the housing market moving again, chancellor Alistair Darling is said to be looking at ways of providing relief from the tax.
Reaction within the industry to the ‘holiday’ idea was almost an unanimous ‘yes please’ on Monday and Tuesday.
Home Builders’ Federation executive chair Stuart Baseley said:
“It is a welcome initiative and shows minsters appreciate the problems the current housing market situation is causing people looking to buy and sell properties, and the impact it is having on the wider economy.”
However, he added any concession would have to be part of a co-ordinated package of other measures in order to ensure it had the desired effect.
Elsewhere, the National Association of Estate Agents (NAEA) called the idea “very encouraging”.
NAEA chief executive Peter Bolton King said:
“Drastic action is needed in order to get the cogs whirring in the market place again. If this suspension does occur then it will provide a much needed boost to consumer confidence.”
He also called for a swift decision on the issue, saying mere speculation and discussion could result in a further market slowdown as buyers wait for the suspension to come into force.
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